Is Your Insurance Company Refusing to Honor a Policy?

Boulder is arguably one of the best places to live in the USA. The city provides a superior quality of life, giving you the ability to enjoy the best of city living along with some of the most beautiful outdoors. Boulder has excellent shopping, restaurants, and hotels; a unique culture, high-quality education, and charming neighborhoods.

If you are a Boulder resident, you likely have several types of insurance, covering your property, vehicles, or business interests. They are meant to protect you against financial losses in an accident, fire, theft, lawsuit, or another unexpected event. So it can be a shock when an insurance company fails to do what is right and does not pay you as promised. In these cases, legal action can be taken to hold the insurer accountable for acting in bad faith.

What Is Insurance Bad Faith?

You have paid your premiums to protect your financial health if an accident occurs or a lawsuit is filed against you. An insurance policy is a contract between you and your insurance company, which promises to pay certain covered costs as long as you faithfully pay your premiums. Insurance companies must operate in good faith.

Unfortunately, an insurance company may refuse to pay a valid claim, fail to investigate your claim in a timely manner, delay payment, or offer you far less than should be paid under the terms of your policy. In these cases, you need to take legal action against the insurance company to hold them accountable and get your claim paid in full.

Auto Insurance Bad Faith

When you drive in Colorado, you are required to maintain liability insurance, with a basic limit of $25,000 for one person’s injuries, and $50,000 for all injuries sustained in an accident. If you crash and your car insurance company refuses to pay under the terms of your policy, you may have a case of insurance bad faith. If you were injured in an auto accident and were denied reimbursement, or you were paid less than you were due under the terms of your policy, it is a devastating situation, which can result in financial ruin.

How Does an Insurance Bad-Faith Case Work?

The first step is to conduct a full review of the terms of your contract. When you buy insurance, you probably did not read the fine print. If you believe you are the victim of insurance bad faith, the terms can be reviewed to determine the best way to move forward with legal action against the insurance company.

Then, we send a formal letter, putting the insurance company on notice. The letter informs the insurance company that you are represented by counsel, informs the company that failing to pay will result in a lawsuit, lists the amount to be paid, and gives a specific time limit within which payment must be forthcoming. If the insurance company does not respond within that time limit, a lawsuit will be filed.

Types of Insurance Bad Faith Cases

Various actions taken by an insurance company could be violations of the terms of your policy. These include:

Ignoring a claim

Delaying payment

Underpaying a claim

Denying a valid claim

Unfair or deceptive practices

Undervaluing claims

Fraud

Misrepresentation

Making unreasonable demands

These actions can occur with any type of insurance, whether auto insurance, health insurance, homeowners insurance, or ERISA. In most cases in which an insurance company has been found to have been acting in bad faith, they will be required to pay you all of your claim, along with other damages and your legal fees.

Why Choose the Tenge Law Firm, LLC?

At the Tenge Law Firm, LLC, our personal injury attorneys have recovered tens of millions of dollars in settlements, arbitration awards, and verdicts. We offer a free consultation, take on a limited number of cases so we can devote our time to each case, and work on a contingency-fee basis.

Teams of corporate lawyers typically defend lawsuits for insurance bad faith. With representation from the Tenge Law Firm, LLC, your lawsuit will be managed by an attorney with extensive trial experience and an impressive record of success. Call (303) 665-2929 today to reach us at our Boulder office.

COVID-19 Update: The Tenge Law Firm remains fully operational and working remotely to respond to clients and be available to assist those in need of personal injury representation and free consultations. We are providing access via videoconference, phone, email and fax.